This glossary provides definitions of common terms you’ll encounter while using OPEN Money. It’s organized into categories for easy navigation. Each term is explained in simple, easy-to-understand language.
Use …
Managing financial paperwork doesn’t have to be complicated. Among the various documents you’ll handle, cash memos stand out as particularly useful tools for tracking your transactions. Let’s explore what makes these simple documents so valuable for both businesses and individuals.…
Prepaid Payment Instruments (PPI) lets you purchase goods with prepaid money in your online wallets, paper vouchers, prepaid smart cards, and more. India allows Prepaid Payment Instruments under Reserve Bank of India (RBI) regulations.
In 2015, introducing Prepaid Payment Instruments …
Understanding the financial health of your business is crucial for making informed decisions and strategizing for growth. Two fundamental metrics that provide insight into your company’s profitability are gross profit and net profit. They serve distinct purposes in financial …
GST compliance is a crucial part of every business operating under India’s Goods and Services Tax (GST) regime. Missing deadlines for filing GST returns can lead to penalties and interest, making it essential for taxpayers to stay on …
Running a business is no small feat, especially when managing multiple processes efficiently. For Indian SMEs, the right tools can mean the difference between surviving and thriving. From streamlining day-to-day operations to ensuring compliance and boosting team productivity, technology has …
The Goods and Services Tax (GST) has transformed the taxation landscape in India, simplifying tax filing and ensuring better compliance. Among its many advancements, e-Invoicing stands out as a key tool for enhancing efficiency and transparency in business transactions. This …
IMPS, NEFT, and RTGS are designed to offer businesses and individuals secure, efficient, and reliable methods for moving funds. Whether you need 24/7 transfer access or prefer batch processing for routine payments, each mode serves a unique purpose. IMPS vs …
As the deadline for filing GSTR-9 (Annual Return) and GSTR-9C (Reconciliation Statement) for the financial year 2023–24 approaches, businesses need to gear up for accurate and timely filing. Both forms play a critical role in maintaining GST compliance and ensuring …
Reconciliation in finance is all about ensuring the numbers in your books match what’s in your bank account and payment records. This is super important whether you’re a small shop or a big company because it keeps your finances straight, …
